ICICI Securities IPO Coming soon

ICICI Bank announced that the board of directors of ICICI Securities, a wholly-owned subsidiary of the bank, at its meeting held on Jan. 19, 2008 approved an initial public offering (IPO) of equity shares, as well as private placement of equity shares to one or more institutional investors.

The board of directors of the bank also approved the proposed capital raising. The maximum dilution of the bank`s holding in ICICI Securities through the proposed public offering and private placement would be up to 15% of the post-issue capital base of ICICI Securities.

The primary operation of ICICI Securities would mainly involve retail broking, institutional broking, distribution of retail financial products, wealth management and equity capital markets, including advisory services. The above equity offering would be subject to necessary regulatory, statutory and other approvals and procedures.

ICICI securities is considering an initial public offering (IPO) of equity shares, which may also include an offer for sale by the promoter. The draft red herring prospectus will be filed with Securities and Exchange Board of India (SEBI) in due course. However, this is subjected to the market conditions and regulatory approvals.

Via IRIS